British engineering company Rolls-Royce has said it's slashing thousands more jobs primarily in the UK. The firm said the move was necessary to "simplify its business" and save millions of pounds by 2021.
Rolls-Royce announced Thursday the company was aiming to cut 4,600 jobs as part of a plan to streamline operations.
It said the overhaul of its business would cost it £500 million ($669 million, €567 million) and be spread across 2018, 2019 and 2020. It would be reported as separate one-off costs, allowing the firm to stick to its targets for free cash flow.
"These changes will help us deliver over the mid and longer-term a level of free cash flow well beyond our near-term ambition of around £1 billion by around 2020," CEO Warren East said in a statement.
It said the overhaul of its business would cost it £500 million ($669 million, €567 million) and be spread across 2018, 2019 and 2020. It would be reported as separate one-off costs, allowing the firm to stick to its targets for free cash flow.
"These changes will help us deliver over the mid and longer-term a level of free cash flow well beyond our near-term ambition of around £1 billion by around 2020," CEO Warren East said in a statement.
